BetMGM LLC, the online gaming and sports betting arm of MGM Resorts International, on Wednesday said it has strong momentum as the North American market continues to accelerate.
BetMGM is jointly owned by MGM Resorts and Entain plc. In conjunction with the companies’ Investor Day, they released a business update with several statements on future expectations.
According to Adam Greenblatt, CEO of BetMGM, the total addressable market for sports betting and online gaming in the United States and Canada will be approximately $32 billion.
BetMGM reached 23% market share in online gaming for the three months ending February 2021, Greenblatt said, making it the market leader in that category.
Greenblatt said BetMGM is on course to be the number-two operator in the US for online gaming and sports betting, with long-term market share of approximately 20% to 25%.
BetMGM expects to realize $1billion in net revenue from operations in 2022, he added.
Entain and MGM Resorts invested $210m in BetMGM by the end of 2020, and the two companies said they’ll invest another $450m in 2021.
“BetMGM has demonstrated strong momentum,” Greenblatt said in a statement. “The US market is shaping up to be even larger and more exciting than we originally envisaged, and we now believe it will be worth $32billion, including Canada. The unique partnership of Entain’s proprietary technology platform and MGM Resorts’ leading brand and loyal customer base gives us the best resources to win in this market.”
